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三维化学20250821
2025-08-21 15:05
三维化学 20250821 摘要 3D 化学上半年营收 12.48 亿元,同比增长 21.8%,扣非净利润约 1.2 亿元,同比增长 46%,工程端贡献较大,化工端略有下降。净现金流同 比下降 84%至 2000 多万元,因银行承兑汇票结算比例增加,但资产负 债率低于 18%,手持现金约 18 亿元,财务状况稳健,并计划中期分红 每股 0.1 元。 公司新签项目超 10 亿元,包括新疆煤化工设计和总包项目、齐鲁石化 鲁炼项目设计费等。潜在订单包括国能准东、国能哈密 EPC 及鲁甸详细 设计,公司重点跟踪国家能源主导的煤制油、煤制烯烃项目,以及山东 能源和陕煤等地方企业的煤化工项目。 化工板块中,淄博诺奥公司利润同比下降 20%至 7,000 多万元,主要 因单项产品表现平淡,但受益于丙醇价格上涨及成本控制,盈利能力仍 有保障。纤维素一期异辛酸项目正在推进,计划提升中试设备年产量至 七八百吨,并申请山东省重点研发项目。 催化剂业务主要生产耐流变换催化剂,上半年贡献四五百万利润及六七 千万营收,预计全年营收可达 2 亿左右,利润约 1,500 万,与硫磺回收 业务形成协同效应。 Q&A 3D 化学在硫磺回收领域的 ...
能源化工纸浆周度报告-20250622
Guo Tai Jun An Qi Huo· 2025-06-22 09:17
Report Industry Investment Rating - Not provided in the content Core Viewpoints - The pulp market may show a pattern of counter - arbitrage and fluctuate slightly stronger due to the adjustment of deliverable products. After the suspension of the "Bratsk" brand deliverable for bleached sulfate softwood pulp futures, the overall price center of the futures market may rise, and the near - far month spread may widen [78]. Summaries by Relevant Catalogs Industry News - As of June 19, 2025, the pulp inventories in Changshu Port, Qingdao Port, and Gaolan Port in China all increased, with a 0.7% increase in Changshu Port, 1.2% in Qingdao Port, and 2.6% in Gaolan Port. The total inventory of mainstream ports reached 220.8 million tons, a 1.1% increase from the previous period [6]. - The Shanghai Futures Exchange announced the suspension of the warehousing of the "Bratsk" brand deliverable for bleached sulfate softwood pulp futures [6]. - Shandong Sun Paper and its subsidiaries won new industrial land in Beihai, Guangxi and Yanzhou, Shandong [6]. Market Data Market Trends - The basis of Silver Star on June 20, 2025, was 930 yuan/ton, with an 8.39% increase from the previous period and a 124.64% increase year - on - year. The basis of Russian Needle was 130 yuan/ton, with a 124.14% increase from the previous period and a 195.59% increase year - on - year. The price difference between Silver Star and Russian Needle was 800 yuan/ton, unchanged from the previous period but a 45.45% increase year - on - year [14]. - The 09 - 11 month spread on June 20, 2025, decreased by 50% from the previous period, and the 11 - 01 month spread was - 82 yuan/ton, a 7.89% decrease from the previous period [19]. Fundamental Data Price - The price differences between softwood and hardwood pulp (Silver Star - Goldfish, Russian Needle - Goldfish) decreased. On June 20, 2025, the price difference between Silver Star and Goldfish was 1950 yuan/ton, a 2.5% decrease from the previous period but a 160% increase year - on - year. The price difference between Russian Needle and Goldfish was 1150 yuan/ton, a 4.17% decrease from the previous period and a 475% increase year - on - year [26]. - The import profit of Silver Star was positive but continued to decline this week. The hardwood pulp Star had no quotation in June, and partial supply was expected to resume in July [33]. - The prices of imported softwood pulp such as Silver Star, Cariboo, Northwood, and Lion decreased slightly compared to the previous period. The prices of imported hardwood pulp such as Goldfish, Star, and Bird remained stable [35][42]. - The price of Venus was 5100 yuan/ton on June 20, 2025, a 2% increase from the previous period but a 6.42% decrease year - on - year. The price of Kunhe was 3900 yuan/ton, unchanged from the previous period and a 1.3% increase year - on - year [46]. Supply - In April 2025, the European port inventory decreased by 12.77% month - on - month, and the global pulp out - port volume decreased by 18.3% month - on - month and 10.89% year - on - year [50]. - In May 2025, the pulp import volume showed a differentiated performance. The softwood pulp import volume decreased by 4.75% month - on - month, while the hardwood pulp import volume increased by 7.84% month - on - month [53]. Demand - The capacity utilization rates of white cardboard, household paper, offset paper, and coated paper decreased to varying degrees on June 20, 2025. The capacity utilization rates of white cardboard, household paper, offset paper, and coated paper were 72.2%, 62.1%, 54.6%, and 56.55% respectively [58]. - The prices of white cardboard, household paper, offset paper, and coated paper remained stable this week, but the market trading was light, and the raw material procurement enthusiasm was not high [61][64]. - The profit of household paper decreased this period, while the profits of other paper types increased to varying degrees [67]. Inventory - The total inventory of mainstream ports in China reached 220.8 million tons on June 20, 2025, a 1.05% increase from the previous period and a 21.12% increase year - on - year. The inventories in Qingdao Port, Changshu Port, and Gaolan Port all increased [75]. - The warehouse receipt quantity of pulp in warehouses was 23.53 million tons on June 20, 2025, a 1.22% decrease from the previous period and a 50.27% decrease year - on - year. The warehouse receipt quantity in factories was 1.63 million tons, unchanged from the previous period and a 49.25% decrease year - on - year [69]. Operation Suggestions - The pulp market may fluctuate slightly stronger due to the adjustment of deliverable products. The suspension of the "Bratsk" brand deliverable may increase the willingness of buyers to take delivery and raise the overall price center of the futures market. The market may show a counter - arbitrage pattern [78].